GBP/JPY Classical 05.28
GBP/JPY: The market has been gradually channeling lower since August 2009, making a series of lower highs and lower lows. The latest break to fresh 2010 lows below 130.00 now sets up a fresh medium-term lower top by 140.50, potentially opening the next major downside extension towards the historic lows from 2009 by 118.85 over the coming days. For now, look for any inter-day rallies to be well capped ahead of 135.00.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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